A recently released whitepaper — The High Cost of Disruption in Mining Report — highlights the financial impacts of neglecting risk mitigation strategies in the mining industry. The paper, by FM Global, emphasises the need for robust risk strategies, especially in today’s challenging environment marked by climate risks, supply chain vulnerabilities, and ESG responsibilities, where even minor oversights can lead to billions in losses. Key findings from the report include the importance of a data-driven Business Impact Assessment (BIA) process to quantify and prioritise risks accurately, as well as the need for tactical recovery strategies tailored for each critical function…
The Australian federal government has announced a significant investment of $566.1 million over the next 10 years to support the discovery of new mineral deposits and energy sources, aiming to shape a Future Made in Australia. This investment, set to be outlined in next week's Budget, reflects a strong emphasis on resources development. Australia's top geoscientists will be deployed to map the country's resources comprehensively, to provide data, maps, and tools to the resources industry, aiding in the identification of new resources. The initiative will provide a comprehensive understanding of Australia's resource potential, including mapping all groundwater systems and supporting…
Plans by the Nigerian government to rejuvenate its country’s mining sector – and its economy in general ‒ may well be key to helping bring its population out of poverty. According to the World Bank Group (WBG), despite having the largest economic base and populace in Africa, Nigeria offers limited working opportunities to most of its citizens. Weak job creation and entrepreneurial prospects stifle the absorption of the 3.5 million Nigerians entering the labour force every year, and many workers choose to emigrate in search of better opportunities. The country’s poverty rate is estimated to have reached 38.9 per cent…
A recent report by the Independent Tertiary Education Council Australia (ITECA) sheds light on the perceptions of Generation Z towards the mining industry. The report, Gen Z Perceptions of Mining Report, was developed in collaboration with the Mining and Automotive Skills Alliance (AUSMASA) and Year13, aiming to provide insights for future strategies in workforce recruitment, training, and upskilling. Key findings from the report indicate that almost three-quarters (73 per cent) of young Australians aged 15 to 24 believe that mining does more harm than good to the environment. However, despite these concerns, two-thirds of respondents acknowledge the importance of mining…
The latest CreditorWatch Business Risk Index (BRI) for March 2024 has exposed a worrying trend for Australian businesses, with external administrations hitting a record high. Factors such as cost pressures, skilled labour shortages, and declining consumer demand continue to challenge businesses across the country. B2B payment defaults have also surged, although slightly down from February's record high, they are still up by 22.6 per cent year-on-year, indicating increasing difficulty for businesses to settle outstanding invoices. Court actions are on the rise and are gradually returning to pre-COVID levels. In a detailed analysis, CreditorWatch revealed that the construction sector dominates the…
Gold prices have seen a remarkable surge of around 30 per cent since the fall of 2023, marked by several spikes that are not easily attributed to specific events or fundamentals. According to European investment manager Amundi, a combination of factors has contributed to this surge. Vincent Mortier, Group Chief Investment Officer at Amundi, suggests the rise in gold prices could signal a transition to a new phase of the economic cycle, one that may differ from the post-GFC era. Mortier notes that markets are currently assessing when central banks will begin cutting rates, with ongoing uncertainty about the pace…
Summit Minerals Ltd (SUM) has announced the signing of binding agreements to acquire extensive niobium, rare earth elements (REE), and lithium tenements in Minas Gerais and Paraíba, Brazil. The acquisition includes 100 per cent ownership of several projects, positioning Summit at the forefront of critical mineral providers essential for high-tech and green technologies. The acquired projects, spanning a total area of 29,267 hectares, include the Juazeirinho, Ecuador, Aratapira, Santa Sousa, and T1/T2 projects for niobium and REE, as well as the Hercules North and South projects for lithium. These projects have demonstrated exceptional grades, with assays showing up to 35.54…
